It is provided in Rule 9(1)(b) of the Export Regulations that the AD Bank can extend the period from nine months considering the directions issued by RBI in this regard.
In this regard, RBI has delegated the power to AD Banks and permitted AD Banks to extend the period of realization of export proceeds beyond stipulated period of realization of export proceeds, up to a period of 6 (six) months at a time subject to satisfying the conditions laid down by RBI.
Therefore, in case of delay in repatriation of export proceeds, the company should approach the AD Bank for extension of time up to 6 (six) months for realization of export proceeds.
The AD Bank will follow the guidelines laid down by RBI in this regard and, accordingly, allow extension of time.
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